XML 49 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Investments in and Advances to Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]  
Schedule of Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

 

 

 

 

 

Ownership Interest

 

 

December 31,

 

 

December 31,

 

Portfolio

 

Property

 

December 31, 2020

 

 

2020

 

 

2019

 

Core:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

840 N. Michigan (a)

 

88.43%

 

 

$

55,863

 

 

$

61,260

 

 

 

Renaissance Portfolio

 

20%

 

 

 

29,270

 

 

 

31,815

 

 

 

Gotham Plaza

 

49%

 

 

 

28,683

 

 

 

29,466

 

 

 

Town Center (a, b)

 

100%

 

 

 

—

 

 

 

97,674

 

 

 

Georgetown Portfolio

 

50%

 

 

 

4,624

 

 

 

4,498

 

 

 

1238 Wisconsin Avenue

 

80%

 

 

 

2,571

 

 

 

1,194

 

 

 

 

 

 

 

 

 

 

121,011

 

 

 

225,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mervyns I & II:

 

KLA/ABS (c)

 

36.7%

 

 

 

72,391

 

 

 

402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund III:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund III Other Portfolio

 

94.23%

 

 

 

—

 

 

 

17

 

 

 

Self Storage Management (d)

 

95%

 

 

 

207

 

 

 

207

 

 

 

 

 

 

 

 

 

 

207

 

 

 

224

 

Fund IV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broughton Street Portfolio (e)

 

100%

 

 

 

—

 

 

 

12,702

 

 

 

Fund IV Other Portfolio

 

98.57%

 

 

 

11,719

 

 

 

14,733

 

 

 

650 Bald Hill Road

 

90%

 

 

 

12,550

 

 

 

12,450

 

 

 

 

 

 

 

 

 

 

24,269

 

 

 

39,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund V:

 

Family Center at Riverdale (a)

 

89.42%

 

 

 

11,824

 

 

 

13,329

 

 

 

Tri-City Plaza (h)

 

90%

 

 

 

7,024

 

 

 

10,250

 

 

 

Frederick County Acquisitions

 

90%

 

 

 

10,837

 

 

 

15,070

 

 

 

 

 

 

 

 

 

 

29,685

 

 

 

38,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Various:

 

Due from (to) Related Parties

 

 

 

 

 

 

363

 

 

 

(1,902

)

 

 

Other (f)

 

 

 

 

 

 

1,881

 

 

 

1,932

 

 

 

Investments in and advances to

unconsolidated affiliates

 

 

 

 

 

$

249,807

 

 

$

305,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crossroads (g)

 

49%

 

 

$

15,616

 

 

$

15,362

 

 

 

Distributions in excess of income from,

and investments in, unconsolidated affiliates

 

 

 

 

 

$

15,616

 

 

$

15,362

 

 

(a)

Represents a tenancy-in-common interest.

(b)

During November 2017, March 2018 and April 2020, as discussed below, the Company gradually increased its ownership to 100% and consolidated Town Center.

(c)

Includes an interest in Albertsons (at fair value at December 31, 2020 and at cost at December 31, 2019, as described below (Note 8).

(d)

Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

(e)

During May 2020, as discussed below, the Company increased its ownership in Broughton Street Portfolio to 100% and consolidated the underlying properties.

(f)

Includes cost-method investments in, Storage Post, Fifth Wall and other investments.

(g)

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.
Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands):

 

 

 

December 31,

2020

 

 

December 31,

2019

 

Combined and Condensed Balance Sheets

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Rental property, net

 

$

563,997

 

 

$

656,265

 

Real estate under development

 

 

14,517

 

 

 

1,341

 

Other assets

 

 

61,969

 

 

 

85,540

 

Total assets

 

$

640,483

 

 

$

743,146

 

Liabilities and partners’ equity:

 

 

 

 

 

 

 

 

Mortgage notes payable

 

$

512,490

 

 

$

502,036

 

Other liabilities

 

 

74,872

 

 

 

77,785

 

Partners’ equity

 

 

53,121

 

 

 

163,325

 

Total liabilities and partners’ equity

 

$

640,483

 

 

$

743,146

 

 

 

 

 

 

 

 

 

 

Company's share of accumulated equity

 

$

100,767

 

 

$

186,864

 

Basis differential

 

 

55,017

 

 

 

100,962

 

Deferred fees, net of portion related to the Company's interest

 

 

3,565

 

 

 

1,270

 

Amounts receivable/payable by the Company

 

 

363

 

 

 

(1,902

)

Investments in and advances to unconsolidated affiliates, net of Company's

   share of distributions in excess of income from and investments in

   unconsolidated affiliates

 

 

159,712

 

 

 

287,194

 

Cost method investments

 

 

74,479

 

 

 

2,541

 

Company's share of distributions in excess of income from and

   investments in unconsolidated affiliates

 

 

15,616

 

 

 

15,362

 

Investments in and advances to unconsolidated affiliates

 

$

249,807

 

 

$

305,097

 
Schedule of Condensed Income Statement

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Combined and Condensed Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

73,478

 

 

$

88,893

 

 

$

79,555

 

Operating and other expenses

 

 

(26,389

)

 

 

(24,932

)

 

 

(22,957

)

Interest expense

 

 

(20,172

)

 

 

(21,874

)

 

 

(19,954

)

Depreciation and amortization

 

 

(28,102

)

 

 

(25,358

)

 

 

(22,228

)

Loss on disposition of properties

 

 

—

 

 

 

—

 

 

 

(1,673

)

Net (loss) income attributable to unconsolidated affiliates

 

$

(1,185

)

 

$

16,729

 

 

$

12,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company’s share of equity in net (loss) income of unconsolidated affiliates

 

$

965

 

 

$

11,772

 

 

$

12,345

 

Basis differential amortization

 

 

(2,202

)

 

 

(2,850

)

 

 

(3,043

)

Company’s equity in (losses) earnings of unconsolidated affiliates

 

$

(1,237

)

 

$

8,922

 

 

$

9,302